Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-06-17
.DEPENDS0N KERSHAW.
THE SPECULATIVE WORLD OF WHEAT ON
THE RAGGED EDGE
Everything Depends on Ksrshaw-Can BE Meet His
Obligations Ply Yesterdays Scenes nths Chicago
Wheat Pit Summary Of Failurss-EVsry-
body Doing the Garnishee Act

U01gduOnS 81 eSlerudy B sotonoS N lno OmOa6V
Wheat Pts Summary Of Failures Every
body Doing the Garnishse Act
CHICAGO, June 16.-The following mo-
tice, in C. J. Kershaw's handwriting was
posted up in the window of Kershaw & Co.
this morning:
Nothing can be decided until eleven
o'clock. We are promised by that time
positive knowledge whether remittanees
are on the way, which We are led to be-
lieve will come"
The notice produced an unfayOrable i'm
preston, for if Kersbaw cannot meet his
obligations it is considered certain that a
dozen brokerage firms will be dragged
down to-day.
The facts in regard to the deposit Of
money for Kershaw & Co., yesterday at
the American Exchange Bank on which he
founded his promise to pay in full were
made public this morning in semi-Official
way. 1t seems that Wiltshire did deposit
$500, 900 to the credit of Kershaw & Co.,
yesterday morning. When c. ]. Kershaw
left there at 8 o'clock, after an hours con-
sultation with Wiltshire, d. w. Irwin Holt,
Cashier DeWar, G. B. EgglestOn and sew
eral of the directors, there was nearly
c2nn oul ha
to his check. He hurried down to the
office of Armour Il Co., and there told p,
D. Armour of his position, and his ability
to stand everything down to seventy
cents. 1t was not until 10:45 O'Clock,
when he went into Armour's office again,
that he was told that his checks were be-
ing thrown out by the American Exchange
National. He went out of ArmOur's like q
shot to ascertain the trouble. The trouble
was that Immediately after Kershaw left
the American Exchange Bank, and when
Wiltshire produced the $500, 900 to 90 as he
supposed to the credit of Kershaw, Irwin,
Green & Co. demanded half of it. Presi-
dent Irwin is the senior partner in this
house and had this advantage that he could
credit the money as he was disposed to.
When Kershaw's check for 5000, 900 from
the ClearingH House was sent down for Ger
tification it was thrown ont. Some big
checks had, however, gone through all
right before. Among them were checks to
Schwartz, Dupee & Co., p. B. Weare 4
Co., VIM. Dunn 4 Co. and few others,
aggregating perhaps $l50,000. So that
Kershaw's promises were made in good
faith. If it had not happened that the
President of the bank was also an appli-
can't for more margins Kershaw's checks
would have been certified.
THE FAILURES OF YESTERDAY
numbered 10. They were as follows, with
an estimate of the liabilities:
Crosby & Co. $75, 900, Fl. X. Matthews
$50, 900, J. A. Edwards & Co. $50, 900, M.
B. Crafts q Co. $40, 900, J. B. McCleary &
Co. $25, 900, Pickering q Co. $40, 600, s. ID.
Eldredge SIS, 900, GreggsOn & Co. SIS, 900,
Hord Bros. & Co. $40, 900, T. E. Balding Il
Co. SIC, 900, J. II. Yourt & Co. $40, 600, Hib-
bard & Co. $4,000, NJ. s. Robinson & Co.
5000, YOurt & Brearly $1,000, S. G. Orr
$1,000. Total $36l,0OO
Including the failuresoi the day before,
NJ. Rosenfeld 4 Co., Hamill & Brine, and
f. W. Bailey & Co., there is a total Of 40
with aggregate liabilities approximating
81, 900, 900. Some OF these failures were
caused by inability of the parties to reach
their outside customers, while Others were
caused by the failure of ROSenfeld & Co.
and the suspension Of payments by Ker-
shaw q Co. 1t is said that in the majOTi-
ty of cases the embarrassed firms will come
out all right as soon as their trades can be
settled, and that in one or two instances
the books will actually show profits. In
addition to those whose failure was brought
about by either of the causes given, there
are some who were in the deal on their
own responsibility and simply got caught
where they couldn't help themselves.
Mr.. Armour said this morning: "The
amount OfilOss to this market is not nearly
so severe as some of the unfortunate ones
are claiming. There were more losses on
the advance, for when this clique was ad-
vancing the market, we, who were strad-
died out between the different markets,
paid out our money. But most of the fail
ures so far announced were of men who
were broke before this panic, and who
were simply waiting for a good excuse.
They have been thus for twelve months,
some of them. Nobody can lose money on
Kershaw, for he is margined way down.
He tells me this, and | know he would
not lie to me. He would have gone
through yesterday if there had not been a
muddle at the bank IOffered 722 cents
for one-half million bushels of wheat
to bank yestesday when the market on
the board was nOminally 20 cents, and the
bank would not sell. The banks all say
they will not sell. There would have
been a great deal of cash wheat taken
yesterday, but you could not do business.
The banks would not talk to you. They
were too busy with margins"
QUIET OPENING But MANY RUMoRs.
The exciting scenes of yesterday and
the day before were not witnessed at the
opening of the Board of Trade this morn
ing. The few people who had gathered in
the galleries before the opening soon tired
of the calm which prevailed and departed.
1t was given out that Kershaw would
announce at IL o'clock whether he would
be able to meet the claims against him or
not. 1t was generally conceded that
everything depends on Kershaw's action.
Some members were of the opinion that
he would pull through, but the majority
were very doubtful on the subject.
Scarcely any trading was done and prices
were barely fluctuating at slight fractions.
There were rumOrs of impending failures,
but everything awaited the announcement
to be made by Kershaw at II o'clock. In
the meantime business was practically at
standstill. June wheat opened at 73,
and fuctuated between that figure and
III.
1t was said that meeting Of the Direc-
tors of the Board OF Trade would be held
at 1890 o'clock for the purpose Of consid-
ering the situation, when an effort would
be made by the creditors of Kershaw to
induce the directors 10 force Charley Egg-
gleston to assume the responsibility Of
Kershaw's debts EgglestOn is a million
aire. and, it is said, has been special
partner of Kershaw for some time. 1t
was also rumored that long conference
was held in ArmOur's Office this morning,
at which efforts were made to induce Ar
mour to put up the money to carry Ker-
shaw through. but the result OF the con-